roblem 12-53 (Static) Dual and Single Allocation Rates (LO 12-6) iurwell Manufacturing is organized into two divisions (Agriculture and Mining) and a corporate headquarters. The financial group of he corporate staff prepared financial operating plans (budgets) for the two divisions for the upcoming year (year 1). Selected formation from the plans is as follows: Corporate overhead costs are expected to be $3.5 million in year 1, Of the $3.5 million, $1.25 million is fixed and the remainder is variable. Two thirds of the variable cost is variable with respect to revenue. The other third is variable with respect to the number of full-time equlvalent (FTE) employees. Division managers are evaluated and compensated in part on division operating profit (including any allocated corporate costs) relative to the budget. Corporate overhead at Burwell is allocated based on relative revenues to determine both budgeted and actual operating profit. Required: a. What are the budgeted operating profits in each division for year 1 after the corporate costs are allocated? b. At the end of year 1 , actual corporate costs incurred were $3.7 million, Of the $3.7 million, $1.44 million was fixed, $1.3million was variable with respect to revenues, and $0.96 million was variable with respect to FTEs. Actual division results in year 1 , prior to any allocation, are as follows: What are the actual (reported) operating profits in each division for year 1 after the corporate costs are allocated? Complete this question by entering your answers in the tabs below. Vhat are the actual (reported) operating profits in each division for year 1 after the corporate costs are alloc Complete this question by entering your answers in the tabs below. What are the budgeted operating profits in each division for year 1 after the corporate costs are allocated? Note: Do not round intermediate calculations. Enter your answers in thousands of dollars. Complete this question by entering your answers in the tabs below. What are the actual (reported) operating profits in each division for year 1 after the corporate costs are allocated? Note: Do not round intermediate calculations. Enter your answers in thousands of dollars